Estate Law Questions? Ask an Estate Lawyer.
Zoraida passed on 2009 and all assets were distributed on 2009 except a house which is now in default on 2012-2013.
The bank filed a lawsuit against tne Estate of defendant Zoraida as Guarantor of a loan in Supreme Court (in 2012) but filed no claim in Surrogate's Court. At the time of her death the loan in question was not in default by the Borrower.
Didn't her death effectively terminated any lasting effects of her personal guaranty as a matter of law?.
I will not accept an answer without a case.
Zoraida was not the Borrower
She was the Guarantor of thean-Loan obtained by the Borrower (a corporation named XXXXX XXXXX) about 6 years ago.
She passed away 4 years ago when the Loan was not in default.
The Borrowernt into default a year ago.
The Bank never filed a claim against Zoraida's Estate in Surrogate's Court.
The Borrower went into Chapter 11 bankruptcy 2 months ago.
Can the bank go against her Estate in Supreme Court as Guarantor.? or Didn't her death effectively terminated any lasting effects of her personal guaranty as a matter of law?.
I'm confused. I thank you for the case that you sent me, but I don't have your opinion.
I'm I going to get your opinion?
Yes.But I need some additional information from you.Does or did her estate have any assets? If so, where those assets or value distributed to the heirs of the estate?Is her estate closed or still open?
If closed - when was the estate closed by the surrogate court?
have answered these questions before:
The estate has one asset left: a house (under water) with a mortgage bigger mortgage than the value of the house.
The estate is still open.
No sale has taken place because the Borrower filed for chapter 11 bankruptcy and stop the sale.
Can the lender go after the Guarantor when no defficiency has been determined?
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